04 November 2013
My Grand father had purchased House property in the F.Y. 1956-57 for Rs. 65,000. Now i want to sell the same property. Can u guide me what is the date of acquisition. I know the valuation if its purchased after 01.04.1981, But i don't know how to value cost of acquisition for the period from 1957 to 1981.
04 November 2013
Where any capital asset other than shares has become the property of the assessee before 1st day of April, 1981, the cost of acquisition of the asset to the assessee or the previous owner (depending upon the mode of acquisition) or the fair market value of the asset on 1.4.1981, at the option of the assessee would be its cost of acquisition.
Cost would be taken as on 1981-82 FMV or the cost of the previous owner as the case... But the Indexation would be taken from the date of such transfer/inherit....
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